To be eligible for funding, the applicant must be a for-profit business that meets the following qualifications outlined in the law:
• Is not publicly traded.
• Experienced a reduction in revenue of at least 25% in relevant portions of calendar year 2020.
• Operates a place of business within the Commonwealth within the Accommodation Industry (NAICS 721) or Food Services and Drinking Places (NAICS 722) and where accommodations, food or drink are served to the public.
• Has fewer than 300 full-time-equivalent employees.
• Has a maximum tangible net worth of not more than $15 million, as computed in accordance with generally accepted accounting principles.
Funding is limited and will be provided on a first-come, first-served basis. Grants will be awarded in increments of $5,000 up to a maximum of $50,000.